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Yes, you've got the concepts and implementation correct.

The exact strategy for reloading (wait for all at once, load whatever is ready, how long to wait, etc), left as an exercise for the reader. For dev, I use a function in the shell that loads everything that changed (no soft purge), for prod, i have a function that goes in order and checks soft purge, then loads (if the 2nd module doesn't soft purge, it will have already loaded the first module, but it will stop before trying the 3rd).

With most things in gen_server's, there's not a lot of opportunity for lingering code, but sometimes it happens.